Chapter 6 Market Analysis

Areas of Analysis w Industry w Target market and customer Market segments geographics demographics psychographics buying characteristics

Target Marketing w should be measurable w should be large enough to make money w should be reachable w should be responsive

Conducting Market Research w Define the research question w Types of market research exploratory descriptive historical

The Research Process w Look at your information needs w Start with secondary resources w Collect primary data w Organize your data w Analyze your data

Looking at the Industry w Trends and patterns of change w Your company and the industry nature of your product industry trends sources of supply w Demographics

Looking at the Industry (con’t) w Barriers to entry economies of scale brand loyalty access of distribution channels proprietary technology (patents) w Competition identity strengths and weaknesses your advantage

Looking at the Target Market w What do we want to know about the customer? w What do my customers need?